Two insurers agree to settle Spitzer investigations

GabrielMadway

SAN FRANCISCO (MarketWatch) -- New York Attorney General Elliot Spitzer on Tuesday said Fidelity National Title Group Inc.
FNT, -6.25%
a unit of Fidelity National Financial Inc.
FNF, +1.82%
and First American Title Insurance Co., a unit of First American Corp.
FAF, +1.47%
have agreed to settle investigations related to illegal rebates and referral fees. Under the settlement, Fidelity National Title and First American Title Insurance will seek title insurance rate reductions of 15% for all properties up to $1 million in New York, Spitzer's office said. Fidelity National Title said it also agreed to pay a $2 million penalty. Following the news, shares of Fidelity National Title Group surged 8.8% to $22.74, while Fidelity National Financial shares rose 5.4% to $42.90 and First American Corp. shares gained 2.3% to $41.33.

Intraday Data provided by SIX Financial Information and subject to terms of use. Historical and current end-of-day data provided by SIX Financial Information. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.